Part 2
Web3 takes this a step further by promoting the principle of decentralization. In Web3, data is stored distributed via blockchain technology, not on centralized servers owned by corporations. This reduces the risk of censorship and service disruption, while giving users full control over their data.
Web3 itself has several features including:
Decentralization: Data and applications reside on a network that is not controlled by a single entity, providing resilience to censorship and system failures.
Ownership and Control: Users own their data with cryptographic keys, allowing them to regulate access and use of that data so no one can delete or edit your data.
Permissionless : Anyone can participate in the Web3 network without requiring permission from a central authority.
Native Payments: Web3 includes cryptocurrency for transactions, enabling direct payments between parties without intermediaries.
Trustless Interaction: Smart contracts allow agreements to be executed automatically without the need for trust in a third party.
User Governance: Governance tokens give users a say in network operations, creating a more democratic ecosystem.
And also to support the running of Web3 there are several key Technologies that support the development of Web3, including blockchain, cryptocurrencies, smart contracts, decentralized applications (DApps), and decentralized autonomous organizations (DAOs).
Although Web3 offers many benefits, it also faces challenges such as scalability, user experience, are we ready for the technology?, and regulatory barriers. However, momentum around Web3 continues to grow, with adoption and interest increasing from the technology community and the broader public.
